One GDR packs 50 shares of Fondul Proprietatea, a fund set up by the Romanian government to compensate citizens for properties seized under the communist regime, whose shares are listed on the Bucharest stock exchange since January 2011. Franklin Templeton Investment Management is the sole administrator and fund manager of the 2.8 billion euro fund.
The Bank of New York Mellon has been appointed by the fund to act as depositary bank in relation to the GDR facility.
The trading in London started at 11.45 US dollars (46.28 lei) per GDR, corresponding to a price of RON0.9255 per share. In Bucharest, Proprietatea traded at RON0.915 per share, down 0.3% on the day.
After the first three hours of trading on the London stock exchange, a GDR was quoted at $11.5, evaluating the fund at RON11.24 billion. Almost one million GDRs were transferred, corresponding to a traded value of $11.1 million (RON44.8 million). In Bucharest, trades with Proprietatea shares amounted to RON2.5 million.
The fund had a net asset value of 12.6 billion lei (EUR2.8 billion) at the end of March, and it holds shares in some of the most important energy companies in Romania, including OMV Petrom, Hidroelectrica and Romgaz.